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August 2012

As required by law, CBO prepares regular reports on its estimate of the number of jobs created by the American Recovery and Reinvestment Act of 2009, which was enacted in response to significant weakness in the economy.

CBO estimates in its latest Monthly Budget Review that the Treasury Department will report a deficit of $975 billion for the first 10 months of fiscal year 2012, $125 billion less than the $1.1 trillion deficit incurred through July 2011.

The Congressional Budget Office will release The Budget and Economic Outlook: An Update on Wednesday, August 22. That report, which CBO issues annually in the late summer, will contain the agency’s updated economic and budget projections spanning the period from 2012 through 2022.